I think it has more to do with the heat *density*. AMD's power consumption is low, but it's crammed into a smaller area.
AMD's power consumption is not lower if you look at the Ryzen 5 vs Core i5 benchmarks - https://www.techpowerup.com/review/intel-core-i9-10900k/18.html
It's hilarious how after so many years, the Intel CPUs are still extremely competitive and using a 5-year old process.
Not good for AMD.